Some people could not get to the above link (I can from Canada). Here is the link from MarketWatch. http://www.marketwatch.com/story/kn...inancials-rise-2012-08-14?link=MW_latest_news
No Dude...you were right...I just read it. But Knight lied in the Marketwatch article...they said it was "old" software. THAT WASN"T TRUE !! Given the fact that the "tester" had no fail-safes, no circuit breakers meant that IT WAS A DANGEROUS PIECE OF SOFTWARE. Why wasn't the install VERIFIED...and the DOUBLE-VERIFIED ? Now I wonder....was it installed MALICIOUSLY ?
It really does seem like it...especially the way Knight has responded here. Everything they say is so.....abstract and gray. Smells of a cover-up. There's a long, long history of abused techies "getting back" at their employer. Could be the case here.
Good point, perhaps. If its sabotage then isnt that criminal activity? So we would hear about any charges? more vagueries surrounding the 'glitch' on zh (sorry to keep linking to zh, not seen it on another blog).
I am amused that less than a year ago the top Knight IT executive was at a conference bragging about how much money they were saving by outsourcing their technology work..... .... and now the same firm tanked to the tune of $440M and barely survived due to an IT glitch. Karma!
You will have to dig back through the archives of Wall Street & Technology magazine to find the information. I read it in a hard copy less than a year ago. It was in one of the many standard technology conferences for the finance industry. Not really a huge secret... just following the same misguided trend as the rest of the IT Finance executives ("we want cheap over good"). http://www.wallstreetandtech.com/